Update: Bowe's contract is worth a total of $56 million with $26 million guaranteed. He is now the league's third-highest-paid wide receiver behind Calvin Johnson and Larry Fitzgerald.

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Just as the franchise tag deadline was arriving Monday, the Chiefs figured out a way to keep wide receiver Dwayne Bowe in Kansas City. And it wasn't with the franchise tag. The two sides agreed to a five-year deal, according to ESPN's Adam Schefter. Financial terms weren't immediately known, but this pact will keep him in a Chiefs uniform through his age-33 season. Bowe led the team in catches, receiving yards and receiving touchdowns last season despite missing three games.
With Bowe signed, the Chiefs decided to place the franchise tag on offensive tackle Branden Albert. They also signed punter Dustin Colquitt to a five-year contract worth $18.75 million, making him the highest-paid punter in the NFL.

Fantasy Analysis:

This is gigantic news for the Chiefs. They desperately needed their No. 1 receiver back, and he provides Alex Smith with a very dependable go-to player. Even with the likes of Matt Cassel, Brady Quinn, Tyler Palko and Kyle Orton under center the past few years, Bowe has produced like a high-end fantasy WR2 for most of that time. Smith is no great shakes, but if his 2012 season wasn't a fluke, he is an improvement over anyone in that group. Bowe should be drafted as an easy top-20 wideout